The British Insurance Brokers’ Association (BIBA) commissioned research into understanding the insurance aggregator website market. Previously, there had been very little objective examination of aggregator websites. This research was undertaken to fill that gap and illustrate the current market picture and potential impact on the entire general insurance industry.
The research deployed a three-tier approach:
A thorough search of the public domain for industry facts such as quote volumes, profits and ownership.
Mystery shopping with the largest 10 aggregator sites;obtaining quotes and understanding the breadth and scope of services offered.
250 online interviews with insurance buyers split evenly between users and non-users of aggregator sites.
As well as providing market clarity the research highlighted a need forgreater control by the regulator of comparison websites to avoid anydetriment to the consumer.
FWD worked with the FSA and BIBA to help develop policy and inparticular ensure consumers had enough information about policy coverto make an informed choice on factors beyond price. Significantmulti-channel news coverage of the research was achieved.